Karachi May 17 2024: Unity Foods Limited has announced the book closure dates to determine the eligibility of shareholders for an offer made through the Manager to the Offer on behalf of Wilmar Pakistan Holdings, Unity Wilmar Agro (Private) Limited, Mr. Muhammad Farrukh, and Ms. Fehmida Amin for the acquisition of 277 million shares and joint control of the company.
The book closure will occur from June 2, 2024, to June 8, 2024, inclusive of both days.
The Acquirers aim to increase their collective ownership in the Target Company, demonstrating their confidence in its growth prospects. In recent years, the Target Company has established itself as a prominent staple food company in Pakistan. The Acquirers support the management’s vision to transform the Target Company into a leading player in the regional food and related sectors.
A total of 277,070,908 shares will be acquired for a cash payment via Pay Order/Bank Draft at an offer price of PKR 24.89 per share, amounting to PKR 6,896,294,900 (Pak Rupees Six Billion, Eight Hundred and Ninety-Six Million, Two Hundred and Ninety-Four Thousand, Nine Hundred Only).
Currently the share price is trading at a premium of 6.55 percent to the offer price.
To accept the Public Offer, shareholders must send the completed and signed letter of acceptance (attached to the offer letter), along with the requisite documents, to the Manager to the Offer at its registered address: 2nd Floor, Arif Habib Centre, 23, M.T. Khan Road, Karachi, Pakistan, by 5:00 PM on June 12, 2024. Ensure all required information, including the number of shares to be tendered, is provided.
The Public Offer will be open for acceptance for seven days, from 9:00 AM PST on June 6, 2024, to 5:00 PM on June 12, 2024 (the “Closing Date”). Acceptances received after working hours on the Closing Date shall not be entertained and the Offer period shall not be extended.
